On March 13, 1974, members of the Organization of Petroleum Exporting Countries (OPEC) ended the five-month oil embargo against the United States, which had caused severe fuel shortages and long gas lines during the 1973 energy crisis. The embargo had cut U.S. oil imports by nearly 25%, sending global prices skyrocketing. The end of the embargo helped stabilize crude supplies and set the stage for new energy policies, including the creation of the Strategic Petroleum Reserve in the U.S. Interestingly, during the embargo, the average price of gasoline in the United States rose to $0.55 per gallon, compared to $0.39 the previous year, highlighting the economic impact of supply disruptions.